Palumbo Wealth Management LLC Acquires 266 Shares of Salesforce, Inc. (NYSE:CRM)

Palumbo Wealth Management LLC raised its stake in shares of Salesforce, Inc. (NYSE:CRM) by 7.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,945 shares of the CRM provider’s stock after buying an additional 266 shares during the period. Palumbo Wealth Management LLC’s holdings in Salesforce were worth $1,319,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. RBA Wealth Management LLC lifted its holdings in Salesforce by 3.7% in the 3rd quarter. RBA Wealth Management LLC now owns 16,172 shares of the CRM provider’s stock worth $4,426,000 after purchasing an additional 574 shares during the last quarter. Creative Planning lifted its stake in shares of Salesforce by 8.0% in the third quarter. Creative Planning now owns 233,743 shares of the CRM provider’s stock worth $63,978,000 after buying an additional 17,350 shares during the last quarter. Good Life Advisors LLC lifted its stake in shares of Salesforce by 35.5% in the third quarter. Good Life Advisors LLC now owns 2,216 shares of the CRM provider’s stock worth $607,000 after buying an additional 581 shares during the last quarter. Onyx Bridge Wealth Group LLC boosted its holdings in shares of Salesforce by 5.2% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 999 shares of the CRM provider’s stock worth $273,000 after buying an additional 49 shares during the period. Finally, Sax Wealth Advisors LLC grew its stake in Salesforce by 102.7% in the 3rd quarter. Sax Wealth Advisors LLC now owns 1,899 shares of the CRM provider’s stock valued at $520,000 after buying an additional 962 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Price Performance

Salesforce stock opened at $325.49 on Friday. The firm has a market capitalization of $311.49 billion, a P/E ratio of 53.53, a PEG ratio of 2.66 and a beta of 1.31. The business has a 50-day moving average of $336.56 and a 200-day moving average of $302.79. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.62 EPS. On average, equities analysts anticipate that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.49%. Salesforce’s dividend payout ratio is presently 26.32%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CRM shares. Erste Group Bank upgraded shares of Salesforce from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Oppenheimer restated an “outperform” rating and set a $415.00 target price (up previously from $385.00) on shares of Salesforce in a research note on Wednesday, December 4th. Citigroup lifted their price target on Salesforce from $368.00 to $390.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Robert W. Baird raised their price objective on shares of Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, TD Cowen upgraded shares of Salesforce from a “hold” rating to a “buy” rating and raised their price target for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $377.63.

Insider Buying and Selling at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total value of $2,089,882.74. Following the sale, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at approximately $15,705,195. The trade was a 11.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Marc Benioff sold 317,105 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the transaction, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,111,420 shares of company stock valued at $384,366,700. Company insiders own 3.20% of the company’s stock.

Salesforce Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.